Sylvester Stallone becomes the richest man in Hollywood as he signs a 6-year, 10-picture
deal with United Artists worth a reported $150 million on May 22. Later in the month
his new movie, Cobra, would set a single-day box-office record as it brought in
$12.4 million on its first day of release.

On June 30, the United States Supreme Court upheld an anti-sodomy law from Georgia,
ruling that states could Constitutionally limit sexual contact between consenting
adults.

July

On July 3, the Statue of Liberty celebrates its 100th birthday in a gala re-lighting
ceremony attending by President Reagan. The statue had been restored to commemorate
the historic anniversary. It will reopen to the public after the $66 million restoration
on the 4th.